It is important to notice that the total AMP displayed in the staking pool are the actual tokens used as collateral for the transaction which means the system can support fixed number of transactions where AMP can be used as collateral. Choose the app on which you wish to stake tokens and that’s it, it’s done. After choosing the preferred staking option, user will have to visit the connected wallet and click the stake button below the AMP tokens. Once the wallet is connected, user can click the explore tab to display the staking option. In the backend, the app will process the request and swap the tokens to the favoured currency set by the merchant which further reduces the gas fee. Merchant will scan the QR code on the user’s app and the funds will be automatically transferred to the merchant’s account. Users can pay the merchant using supporting apps like GEMINI. The whole idea is to have a legal & centralized payment operator (Flexa) and a decentralized network (AMP) for faster and secure payments that support a range of cryptocurrencies with the ability to settle payments in fiat. The total supply of AMP tokens is capped at 100 billion In order to understand the need for AMP coin in Flexa network, let us understand how it works. It is a collateral token designed to decentralize the risk in the payments, thereby reducing the assurance cost from existing networks. What is AMP Coin?ĪMP is an Ethereum based ERC20 token. Since the technology behind Flexacoin does not support staking, the team introduced AMP coin.įlexacoin holders were able to swap their coins to AMP in a 1:1 ratio. Checkout the list of cryptocurrencies supported by Flexa network.įlexa held the ICO of Flexacoin in 2018 followed by the release of apps (including SPEDN & GEMINI) supporting Flexa network. With the use of authorization code, complete payment amount is transferred from the customer’s account balance and converted by Flexa network at a lightning fast speed with 100% settlement guarantee.
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